Upstart shares surged 18% in premarket trading.

Upstart shares surged 18% in premarket trading,following better-than-expected second-quarter results and raised full-year guidance.

The company reported quarterly earnings of $0.62 per share on sales of $194 million.

Analysts on Upstart were expecting sales of $158 million.

Upstart said it expects third-quarter sales between $205 million and $215 million. Analysts expected third-quarter sales around $161.6 million.

The company also raised its fiscal year guidance. Upstart had previously expected yearly sales around $600 million; the company now expects sales over $750 million. Analysts consensus estimate for the company's FY21 sales was $601 million.